Market Scope
Market Research Future (MRFR) notes that the value of the global compact loaders market 2020 was USD 3.8 Billion in the year 2018. MRFR also notes that the market has the potential to progress at a rate of 3.5% from 2019 to 2025 (forecast period).
Top Growth Boosters and Main Barriers
The growth of the compact loaders market is largely correlated to the expansion rate of the construction industry, as well as construction spending, mostly in developing countries, such as India, Brazil, and China. MRFR opines that some of the chief factors boosting the demand for the compact loaders market include the product’s high productivity as well as efficiency, high fuel efficiency, low heat development within the digging range, high speed, and others.
The market growth is also majorly influenced by the strict government regulations that are attempting to bring down the carbon emissions in countries like Germany, the U.S., Italy, and France. Many of the construction equipment manufacturers across regions are developing environmental-friendly equipment to counter the increasing environmental damage. With the aim of reducing the carbon emissions, manufacturers are focused on developing methane engine compact loaders that can bring down the carbon emission level up to 70%, while boosting the fuel efficiency by 30%. Manufacturers are also working on developing electric mobility in compact loaders, since it enhances productivity as well as the efficiency of construction, and offers better working capacity.
Furthermore, the ever-expanding agriculture sector, surging adoption of the latest technology across several regions, and the rising need for requirement of small-size user-friendly loaders can also induce considerable growth of the compact loader market in the following years.
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Market Trends
Emergence of Remote-Controlled Compact Loaders
Remote-controlled compact loaders are finding extensive use in the construction industry, as they help get rid of the human element from the production processes. Remote-controlled compact loaders are generally pre-programmed for operations and do not negatively affect the loader’s flexibility. This has been an extensive focus area for almost every renowned manufacturer in the market in the recent past.
Market Segmentation
The analysis of the market for compact loaders has been carried out by MRFR experts keeping in mind the primary segments of type, engine capacity and application.
The compact loaders market, considering the type segment, includes wheeled and tracked. In 2018, the track loaders segment accounted for the biggest share in the global market and showcases the potential of achieving the highest growth rate in the coming years, since it finds immense use in almost every type of land surface area.
The engine capacity-based segments are up to 65 HP, 65–80 HP, as well as above 80 HP. The 65–80 HP compact loaders are high in popularity since they are light equipment and find major use in agriculture as well as landscaping, boosting its demand in the market.
The various applications of compact loaders are landscape & maintenance, construction, mining, agriculture & forestry, and others. The burgeoning road construction sector has been a significant growth booster in the market for compact loaders. Thus, the segment is currently leading the global market, among all the applications.
Regional Insight
The primary markets for compact loaders across the globe are South America, North America, Asia Pacific (APAC), Europe, as well as the Middle East & Africa (MEA).
In 2018, Asia Pacific was noted as the leading market for compact loaders, followed by North America. The rising number of road construction projects and the increasing investments for infrastructure development by the government can also benefit the compact loaders market in the region. The regional market is also expected to expand at the highest rate owing to fast paced urbanization in India, Indonesia, China, Malaysia, and others.
The North American market for compact loaders is positively influenced by the expansion of the construction equipment rental market. The United States (US) is the leading contributor to the regional market growth; and can witness the fastest growth rate during the assessment period. North America is a dynamic region with dense urban areas. These areas are noting a surge in the number of non-residential projects, which is driving the demand for highly advanced construction equipment. This is leading to the growth of the compact loaders market in the region.
The improving infrastructure paired with the surge in government investment has led to numerous growth opportunities for compact loaders in MEA. South America can also exhibit steady growth on account of the rising number of non-residential projects.
Key Vendors
The key vendors in the worldwide market for compact loaders are Komatsu Ltd. (Japan), Deere & Company (US), Wacker Neuson Group (Germany), Doosan Corporation (South Korea), Xuzhou Construction Machinery Group Co. Ltd. (China), KUBOTA Corporation (Japan), Caterpillar Inc.(US), Volvo Construction Equipment (Sweden), Sany Heavy Industry Co., Ltd. (China), Takeuchi Mfg. Co, Ltd., (JAPAN), Yanmar Holding Co. Ltd. (Japan), Liebherr Group (Switzerland), Hitachi Construction Machinery Co. Ltd. (Japan), CNH Industrial N.V.(UK), to mention a few.
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